John,

Elon Musk’s wealth is now a staggering $421 billion—enough to maintain full federal funding for Medicaid which Republicans have proposed cutting.[1]

But the GOP isn’t just slashing Medicaid. They want to give Elon another tax break, too.

The current GOP budget includes cutting Medicaid by $770 billion. Instead of taxing Musk’s $421 billion in wealth, even as he collects billions in government contracts and subsidies, they want to rip away healthcare from working families.

In our latest report, we lay out the scale of this vast personal billionaire wealth, compared to unmet public needs. Want tax breaks for single parents? Sorry, Republicans have recently targeted that $192 billion cost while Mark Zuckerberg gets to keep stacking up his $230 billion fortune tax-free. Need hospitals to treat low-income patients without insurance? Republicans have floated slashing $229 billion in uncompensated care, so Jeff Bezos can keep collecting tax breaks on his $221 billion.

These aren’t budget necessities, they’re political choices made to reward billionaire donors at the expense of everyone else. And we’re taking them on by exposing the truth, organizing resistance, and demanding a tax system that serves the people, not the powerful.

It’s not that the United States doesn't have the money. We do. There’s just too much of it in the wrong hands. Please make a donation right now as we work to stop cruel cuts to services while demanding billionaires pay their fair share in taxes.

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The 2017 Trump-GOP tax law already showered billionaires with gifts—increasing their fortunes by $4.1 trillion since the law passed. Now, as America’s 800+ billionaires see their combined fortunes reach a record $7 trillion, Congress wants to make those tax breaks permanent, forever locking in a tax code written by and for the ultra-wealthy.

And they’re not even trying to hide their motivation. The 100 richest families in America spent $2.6 billion to help elect Republicans in 2024. Elon Musk alone gave more than $278 million, four times what he paid in taxes in previous years.[2]

The consequences couldn’t be clearer: billionaires get richer and working people get squeezed. Public services disappear, public debt explodes, and public trust erodes. But it doesn’t have to be this way.

Americans for Tax Fairness Action Fund is organizing to block these tax cuts, pushing for a billionaire minimum income tax, and demanding that the ultra-rich like Musk, Zuckerberg, and Bezos contribute to the country that made their wealth possible. But we can’t do it without your support.

Stand up to billionaire greed. Chip in to fight back against the next tax scam before it guts the services that working families nationwide rely on.

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Let’s make them pay their fair share and protect what matters most.

John Foti
Legislative Director
Americans for Tax Fairness Action Fund

[1] Total Billionaire Wealth Tops $7 Trillion As GOP Aims To Cut Healthcare, Food Aid To Give Rich More Tax Cuts
[2] Billionaires Buying Elections: They’ve Come to Collect

-- David's email --

John,

New research from Americans for Tax Fairness shows that billionaire wealth has skyrocketed to over $7 trillion—up $4.1 trillion since the Trump-GOP tax law passed in 2017. That’s a 141% explosion in ultra-wealth in under eight years.[1]

Now, Trump and the Republicans want to extend that tax scam and deepen the giveaways, leading to $5.7 trillion in lost revenue. Most of it will go to the same people hoarding more wealth than any dynasty in modern history.

Let’s consider the scale of that private wealth by comparing it to public needs. Elon Musk is worth $421 billion. That’s more than the $387 billion necessary to maintain full federal Medicaid funding for all the states. Republicans have proposed cutting federal Medicaid funding, shifting the cost to states and kicking millions off healthcare. But sure, let’s give Musk another tax cut.

Or look at Mark Zuckerberg. His $230 billion fortune exceeds the $192 billion needed to preserve tax savings for single parents filing as “head of household.” The GOP has floated the idea of killing that benefit. In other words, struggling moms would get higher tax bills, Zuckerberg gets another yacht.

Then there’s Jeff Bezos, sitting on $221 billion, who stands to gain even more if Republicans renew their call for $229 billion in cuts to hospitals that care for the uninsured. While Bezos benefits from new federal contracts and political favor, low-income patients would be turned away from lifesaving treatment as funding for uncompensated care dries up.

The bottom line is that as the GOP works to slash over $1 trillion from Medicaid and food assistance, and hand that money directly to billionaires in the form of even more tax breaks, it’s up to us to hold the line and make sure they don’t get away with it.

Donate now to power our activism and stop this billionaire tax heist. Every dollar you give powers our fight to protect public services and demand that the rich pay their fair share in taxes.

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In 2024, just 100 billionaire families spent a record-breaking $2.6 billion to influence the election, two-thirds of it backing Republican candidates, not just to shape policy, but to secure a return on investment through tax cuts that are now being advanced in Congress.[2]

These same tax cuts will drive billionaire wealth to even more historic highs, while draining resources from programs that working families depend on.

The good news is that we can stop this. Public opinion is on our side. 74% of voters think billionaires pay too little in taxes, including 60% of Republicans. Only 5% think they pay too much. So let’s make sure our tax code reflects our values, not the greed of the richest 0.001%.

We’re fighting back with everything we’ve got, from exposing these obscene levels of private wealth compared to public needs, to mobilizing grassroots pressure to achieve a tax system that serves the 330 million people who didn’t make billions from loopholes and backroom deals.

Rush a donation right now to fight back against billionaire tax cuts and protect the services we all rely on.